Growth in the Philippines has been averaging at about 5% over the past 10 years, significantly higher than the rate achieved in the previous two decades. In 2010, the Philippines grew by 7.6%, the highest in 30 years. In recent years, the Philippines has restored macroeconomic stability and proved resilient to recent external shocks, such as food and fuel price hikes, the global financial crisis and recession, and the impact of typhoons and El Niño. Rising and counter-cyclical remittances have provided a strong basis for currency stability and a healthy build-up of international reserves. The country currently enjoys a savings rate that exceeds investment. Its human resources are in high demand around the world.
Good governance remains a high priority for the country. The current Administration’s focus on anti-corruption is intended not only to improve the investment climate for domestic and foreign investors, but also to enhance social service delivery and help reduce poverty through more accountable governance. The country has a dynamic civil society and a vibrant media that help articulate the voice of the public for urgent reforms.